Revenue Secretary Adhia says 5 lakh businesses opt for composition scheme under GST
DSIJ Intelligence / 01 Aug 2017
The scheme allows businesses to pay taxes at a concessional rate and makes compliance easy.
The government said on Monday that five lakh businesses have opted for the GST composition scheme.
The scheme allows businesses to pay taxes at a concessional rate and makes compliance easy.
Till July 25, about 71 lakh excise, service tax and VAT assesses have migrated to the GST Network (GSTN). Besides, another 12 lakh new registrations came under the Goods and Services Tax (GST) regime.
Revenue Secretary Hasmukh Adhia said through a micro blogging website, "The figure of dealers opting for composition in GST is 5.12 lakh up to July 30. The last date for opting is August 16."
The composition scheme is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs 75 lakh and Rs 50 lakh in the case of eight north-eastern states and the hilly state of Himachal Pradesh.
The objective behind the scheme is to bring simplicity and reduce the compliance cost for small taxpayers.
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